“Measuring results is critical to an organization’s effectiveness” is a familiar quote from the late management guru Peter Drucker. Drucker’s insight is especially true when it comes to measuring your recruiting success.
What does success really mean for a recruiter, though? Is it crushing your KPIs, like the “Interview to Hire Ratio” and the “Offer Acceptance Rate”? Or is it showing up every day and making sure all your to-dos are checked off?
For the best recruiters, success entails a combination of being passionate about their core mission – identifying hiring needs and filling job openings -- and accomplishing that mission in a way that’s accountable, empathetic, communicative and above all proactive. If there’s a lack of information coming from the hiring manager, for example, successful recruiters study the existing process and suggest improvements – and are listened to.
Outside of things within the recruiter’s control, there’s a whole world of activity that will impact their ability to perform. For that we have data and metrics to help paint the big picture and determine what’s working and what’s not. We ignore such information at our peril. If roles are filled too quickly or without a clear understanding of the local job market, the process will be prolonged, costing recruiters and hiring managers time and money.
To identify and place quality candidates in a timely manner – and ensure they’re the right individuals to remain in the position – recruiters need objective, validated intelligence about employment conditions, talent pool locations, job requirements and accurate compensation recommendations.
Such intelligence helps the hiring manager view the recruiter as a valued talent consultant – a strategic advisor with deep insight and expertise on key issues, including:
- The health of the local job market. For example, how soon and where will the jobs lost during the coronavirus pandemic return, and which industries will be the first – or the last – to come back? It’s also critical to have a handle on the local area’s:
- job growth,
- wage growth,
- leading occupations,
- university enrollment and graduation rates,
- unemployment rate, and
- GDP (gross domestic product).
- The status of the talent supply. Together, the above indicators will tell whether there’s enough local talent to fill the position or whether the recruiter will need to advise on other, potentially remote, markets from which to source and hire. The latter has become much more feasible these days, with the rise of the work-from-home trend. Some locations have performed much more robustly than others during the pandemic, meaning the supply of available talent is likely to be constrained and pose a greater challenge for talent acquisition professionals. Those areas that have been most severely impacted by COVID-19, however, are apt to see some of the biggest hiring volumes in 2021, with an onslaught of unemployed individuals vying for open positions.
- Compensation demands and forecasts. A critical part of effective recruiting is offering a competitive salary that’s consistent with what the market will bear for the role. In other words, what is the talent supply and demand for skills? If demand is high for the job and the supply of labor is tight in the market, your offer may well need to be more generous. The reverse is true as well. It’s also crucial to accurately plan and forecast talent costs across metros and industries over the next several years.
Related: 6 Top Hiring Trends for 2021
Beyond becoming valued talent advisors, successful recruiters are effective networkers. They form genuine, long-lasting relationships with the candidates they meet, realizing that applicants who don’t make the cut this time around might be perfect for that next opening.
They also maintain strong, trusting bonds with the clients they serve. Organizations know outstanding recruiters can be relied upon to deliver on the promises they make every time. That, after all, is the successful recruiter’s secret to retaining existing clients – and winning new ones.
LaborIQ by ThinkWhy reports, forecasts and advises on employment conditions and the impact to jobs, industries and businesses across all U.S. cities.